Australia raises minimum wage by 1.75% or $ 13 a week

Dhwani Mehta FXStreet

In its annual wage review decision online, the Fair Work Commission, Australia's national workplace relations tribunal, announced that the national minimum wage to the country’s lowest-paid workers will rise by 1.75% or a $13 rise to $753.80 a week from July 1.

The 3% increase in 2019 was lower than 2018’s 3.5% rise and 2017’s 3.3%.

Peak union body the ACTU had argued for a 4% rise this year.

Key comments

“The current shock to the labor market is 'unprecedented'.”

“Unemployment and underemployment up, hours worked down.”

“Increase in wage will impact aggregate demand, impact will modest.”

RBA’s Harper: Would certainly be unhelpful if AUD/USD was back up over 0.70

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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